(22)Financial magazines such as Forbes and Kiplinger's always contain ads placed there by investment firms that boast that they have beaten the market averages over the past year or some other period.E.g., the John Hancock Premium Dividend Fund reported in 2019 that its ten-year return was 273% compared to 157% for the S&P 500.Let's assume these numbers are true.Under what circumstances can a fund such as this one from John Hancock "beat the market" for a long period of time?Consider the roles of luck, risk, inside trading, and any other factors you deem relevant.